I haven't been there and so I only have facts to consider.
The price of GBP436 for beachfront sounds pretty reasonable, especially with the five year rental guarantee - it's certainly cheaper than Hurghada. I recommend that you compare the prices with other areas on the Red Sea without the same level of infrastructure as Hurghada however, such as Gamsha Bay, Marsa Alam, Safarga, etc.
Basically I think that anyone investing on Egypt's Red Sea is going to see some good capital returns over the next few years - it's just a question as to which location makes the most.
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